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    1107   KYG618221058

MODERN LAND (CHINA) CO., LIMITED

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Property sector weighs on China stocks; lira rallies

10/26/2021 | 04:24am EST

* Most other bourses outside China rise

* MSCI EM stocks index up 0.2%

* Turkish lira up 1.5% as diplomatic tension eases

* South African rand underperforms

Oct 26 (Reuters) - Property and technology stocks led losses in China on Tuesday but gains in most other bourses sent an index of emerging market (EM) shares closer to one-month highs, while Turkey's lira firmed 1.5% after sliding to record lows.

China real estate indexes fell 2.8% and 4.5% after property developer Modern Land defaulted on a payment, and as the sector digested Beijing's decision to roll out a pilot real estate tax in some regions.

"The Modern Land missed debt payment has seen property sector nerves return to China markets," said Jeffrey Halley, senior market analyst, Asia Pacific at OANDA.

"Evergrande, the centre of the China property storm, has another grace period payment due this week on 29 October, and nerves will be taut until it does, or does not, make payment."

Mainland China shares lost around 0.3%, while Hong Kong's main index slipped 0.4% as losses in big technology names such as Tencent, Alibaba and Meituan also weighed.

Most other EM Asian indexes gained between 0.2% and 0.9% and those in Turkey and South Africa gained 1% and 0.4%, on some friendly tones between the United States and China about bilateral relations, as well as upbeat earnings on Wall Street. MSCI's index of EM shares was up 0.2%.

But keeping sentiment in check were rising COVID-19 cases and familiar fears of containment measures denting economic growth.

Beijing stepped up curbs, Moscow is set to introduce its tightest lockdown measures since June 2020, while tougher restrictions came into force in some eastern European countries as cases surge.

Turkey's lira rallied after stumbling to an all-time low of around 9.8 to the dollar on Monday, as President Tayyip Erdogan backed away from escalating diplomatic tensions with the West.

The lira is down more than 20% this year, thanks to worries about monetary policy, geopolitics and depleting foreign exchange reserves.

South Africa's rand lost 0.1% to trade 14.72 per dollar. State power utility Eskom said it was extending scheduled power cuts until Saturday. Eskom's regular outages due to capacity issues have held back economic growth in Africa's most industrialised nation.

"After last week's late rally the USD/ZAR has found resistance at the 14.85/dollar mark. This level is pretty much the centre of a short term range for the (pair)," said Shaun Murison, senior market analyst at online trading provider IG.

South Africa's central bank composite leading business cycle indicator rose 0.7% month on month in August thanks to more vehicle sales and job adverts, data showed on Tuesday.

For GRAPHIC on emerging market FX performance in 2021, see http://tmsnrt.rs/2egbfVh For GRAPHIC on MSCI emerging index performance in 2021, see https://tmsnrt.rs/2OusNdX

For TOP NEWS across emerging markets

For CENTRAL EUROPE market report, see

For TURKISH market report, see

For RUSSIAN market report, see

(Reporting by Susan Mathew in Bengaluru; Editing by Robert Birsel)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
MEITUAN -2.66% 241.2 End-of-day quote.-18.13%
MODERN LAND (CHINA) CO., LIMITED -1.30% 0.38 End-of-day quote.-55.29%
TENCENT HOLDINGS LIMITED -2.32% 462.6 End-of-day quote.-17.98%
All news about MODERN LAND (CHINA) CO., LIMITED
12/03Modern Land Books $99 Million Contracted Property Sales in November
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12/01Modern Land Co., Limited Announces Environmental, Social and Governance Committee
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11/08Modern Land Appoints Financial Adviser Amid Liquidity Issues
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11/01Modern Land Scraps Interim Dividend as Bond Default May Trigger Immediate Payment of Ot..
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11/01Modern Land Books Over $153 Million in October Contracted Property Sales
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11/01China's Modern Land says bond default triggers earlier repayment deadlines, pulls divid..
RE
11/01Modern Land Co., Limited Announces Withdrawal of Recommendation of Interim Dividend for..
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11/01Modern Land Co., Limited Reports Unaudited Sales Results for the Month and Ten Months E..
CI
10/28Chinese Developers’ Liquidity Weakens on Limited Funding Access, Moody’s Sa..
MT
10/28Evergrande makes coupon payment before Friday deadline -sources
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Analyst Recommendations on MODERN LAND (CHINA) CO., LIMITED
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Financials
Sales 2021 - - -
Net income 2021 772 M 121 M 121 M
Net Debt 2021 - - -
P/E ratio 2021 1,13x
Yield 2021 22,1%
Capitalization 874 M 136 M 137 M
Capi. / Sales 2021 -
Capi. / Sales 2022 -
Nbr of Employees 2 240
Free-Float 23,6%
Chart MODERN LAND (CHINA) CO., LIMITED
Duration : Period :
Modern Land (China) Co., Limited Technical Analysis Chart | 1107 | KYG618221058 | MarketScreener
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 1
Last Close Price 0,31 CNY
Average target price 0,89 CNY
Spread / Average Target 186%
EPS Revisions
Managers and Directors
Peng Zhang President & Executive Director
Lei Zhang Chairman
Yin Chen Executive Director, CTO & General Engineer
Chun Ho Hui Independent Non-Executive Director
Jian Cui Independent Non-Executive Director
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